HONG KONG SAR 28 March 2024 – Fortune Innovation Forum 2024 made waves in Hong Kong as leaders from around the world joined the two-day conference on 27-28 March and shared insights on advancements in AI, technology, sustainability, finance, talent recruitment, and more. The event facilitated key discussions in which experts, investors, and leaders of the world’s largest companies reflected on how businesses and economies are evolving to meet the demands of an ever-changing global environment.
The forum’s first day kicked off with a Fortune Most Powerful Women breakfast session featuring Bonnie Y Chan, the first female CEO of Hong Kong Exchanges and Clearing Limited (HKEX), Kathryn McLay, President and CEO of Walmart International, Joey Wat, CEO of Yum China, and Jane Sun, CEO of Trip.com. In a panel discussion, the four CEOs shared actionable steps to close the gender gap. Bonnie Chan talked about HKEX’s role as a regulator and its effort to rid the Hong Kong stock exchange of single-gender boards, which have dropped in number from 800 in 2021 to fewer than 500 in 2024.
Mr. Paul Chan, Financial Secretary, Government of the Hong Kong Special Administrative Region, officially opened the Forum by discussing how the city is aiming to establish an equitable environment for growth and innovation. He disputed the idea that Hong Kong is ‘over’ and identified key industries with robust, innovative potential: “We chose four areas to concentrate our energy: artificial intelligence and big data analytics, health science and health tech, fintech, and new materials advanced manufacturing.”
The global economy continues to prove surprisingly resilient, and few economies are defying expectations as much as Japan. Tokiko Shimizu, Assistant Governor, Bank of Japan, offered an insider’s look at Japan’s recovery as it ends its negative interest rate era. Ms. Shimizu said Japan “still expect[s] that the price movement in coming years will be around 2%, which means we don’t see any interest rate hike necessarily.” “We are predicting that our GDP growth will be around 1.5% over the coming years,” she said.
Innovation and advances in AI are transforming how companies engage with the global consumer, and the world’s largest retailer is working to harness all that potential. “We are in this amazing age where we can know our customers in aggregate and we can know them individually,” said Kathryn McLay, President and CEO of Walmart International. “The only way you can do that is through data and tech…I think customers can expect a more delightful experience in retail.”
Even with AI going mainstream, there are ways to further promote the technology. Scott Beaumont, President, Asia Pacific, Google, outlined four areas of focus: AI accessibility, productive use of AI, cross-industry understanding of use cases, and governments’ creation of usage guidelines. Kai-Fu Lee, Chairman and Chief Executive Officer, Sinovation Ventures, Founder of 01.AI, urged the audience to regard AI as it would a powerful workplace or educational assistant that can boost productivity and lead to improved outcomes. “We need to encourage people to harness AI and use all the tools so that they can be the best that they can be,” said Mr. Lee.
Former U.S. Treasury Secretary Lawrence Summers opened the second day of the forum, speaking to the audience virtually about trade, growth, and technology. He shared his optimism about China’s advancements. “Over a human lifespan in England in the 19th century, living standards rose by a factor of perhaps one and a half, whereas in a human lifespan in China, living standards are likely to have risen by a factor of 50 or more, which is truly the greatest achievement in the economic history of mankind,” he said.
The forum convened the top minds in innovation—from biotech to AI to cryptocurrency—to create an atmosphere that fostered collaboration and planted seeds for further breakthroughs.
Fortune Asia Future 30 Awards Celebrates Regional Companies With the Highest Potential for Future Growth
At the Asia Future 30 Award Ceremony, Fortune honored companies that landed on its inaugural Asia Future 30 list, which recognizes firms that display potential for future growth across industries.
Fortune Asia Future 30 Awardees
| China | ||
| Company | Headquarters | Industry |
| Alibaba Health Information Technology | Hong Kong | Consumer Staples Distribution and Retail |
| Beijing Kingsoft Office Software | Beijing | Software |
| Wantai Biological Pharmacy Enterprise | Beijing | Biotechnology |
| BYD | Shenzhen | Automobiles |
| Contemporary Amperex Technology | Ningde | Electrical Equipment |
| EVE Energy | Huizhou | Industrials |
| Hangzhou First Applied Material | Hangzhou | Semiconductors |
| Hundsun Technologies | Hangzhou | Software |
| Imeik Technology Development | Beijing | Biotechnology |
| Inovance Technology | Shenzhen | Machinery |
| JA Solar Technology | Beijing | Semiconductors |
| JD Health International | Beijing | Consumer Staples Distribution and Retail |
| Jiangsu Hengli Hydraulic | Changzhou | Industrial Machinery and Equipment |
| Li Auto | Beijing | Automobiles |
| Meituan | Beijing | Hotels, Restaurants and Leisure |
| NIO | Shanghai | Automobiles |
| Sungrow Power | Hefei | Electrical Equipment |
| Suzhou Maxwell Technologies | Suzhou | Electrical Equipment |
| Trip.com Group | Shanghai | Hotels, Restaurants and Leisure |
| WuXi AppTec | Shanghai | Life Sciences Tools and Services |
Fortune Asia Future 30 Awardees
| Asia Pacific (outside China) | ||
| Avenue Supermarts | Mumbai, India | Retail and Wholesale |
| Celltrion | Incheon, South Korea | Biotechnology |
| Delta Electronics (Thailand) | Thailand | Electronic Components |
| Kakao | Jeju-si, South Korea | Interactive Media and Services |
| Lasertec | Yokohama, Japan | Semiconductors |
| LTIMindtree | Mumbai, India | IT Services |
| M3 | Tokyo, Japan | Health Care Technology |
| NAVER | Seongnam-si,South Korea | Interactive Media andServices |
| POSCO Future M | Pohang, SouthKorea | Materials |
| WiseTech Global | Sydney, Australia | Software |
